US stocks set for higher open as AI trade steadies; midterms in focus
SPY•US stock futures rose on Monday, with Dow futures up 0.38%, S&P 500 futures up 0.33% and Nasdaq 100 futures up 0.62%, as technology stocks steadied and investors focused on midterm elections and earnings. Estée Lauder rose after raising its annual forecast, while telecom shares fell following a report about SpaceX and Boost Mobile.
1. Futures rise
US stocks were set for a higher open as technology and AI-related shares steadied after a weak October. At 8:06 a.m. ET, Dow futures were up 0.38%, S&P 500 futures 0.33% and Nasdaq 100 futures 0.62%. The Nasdaq-100 lost more than $2.5 trillion in market value last month as investors questioned the returns on large AI investments.
2. Elections and earnings
Investors were focused on Tuesday’s US midterm elections and a busy week of company earnings. Democrats were widely predicted to win the House, while control of the Senate was less certain. AMD was due to report earnings later in the week, and Apple’s quarterly results were scheduled after the market close.
3. Company moves
Estée Lauder gained 2.4% after raising its annual sales and profit forecasts. AT&T, Verizon and T-Mobile fell more than 2% each after a media report said SpaceX was in talks to buy EchoStar’s Boost Mobile service or gain access to its network; EchoStar rose 4.9%. Intel fell 1% after forecasting quarterly revenue below market estimates and saying it did not expect positive cash flow this year.
